Intensity Therapeutics, a Phase 1 biotech developing intratumoral injection therapies for cancer, revised the terms for its upcoming IPO on Wednesday.
The Westport, CT-based company now plans to raise $15 million by offering 2.1 million shares at a price range of $6 to $8. The company had previously filed to offer 1.5 million shares at a range of $9 to $11. At the midpoint of the revised range, Intensity Therapeutics will raise the same amount of proceeds but would command a fully diluted market value of $131 million (-28% vs. original midpoint).
Intensity Therapeutics claims to have identified a constraint in existing intratumoral cancer treatment approaches, which is that the tumor's lipophilic, high fat, pressurized microenvironment does not effectively absorb water-based products. The company's lead product candidate, INT230-6, consists of two proven anti-cancer cytotoxic agents, cisplatin and vinblastine sulfate, mixed with the amphiphilic molecule (SHAO), to aid bioavailability. The company entered a Phase 1/2 trial in Canada in 2017 in patients with refractory and metastatic cancers which is still ongoing.
Intensity Therapeutics was founded in 2012 and plans to list on the Nasdaq under the symbol INTS. A.G.P. is the sole bookrunner on the deal.
